Germany’s 4th biggest bank Commerzbank wins crypto custody license
Commerzbank AG has been granted a cryptocurrency custody license, signaling a growing acceptance of the asset class among European banks. The recently obtained license enables the bank to develop an extensive array of digital asset services, focusing on cryptos, marking it as the “first German full-service bank” to secure such approval, according to a statement released on Wednesday, November 15. This move comes after the submission made in April this year. It reflects a cautious entry by European banks into the crypto currency market, a departure from their initial reluctance due to associated risks and concerns about potential money laundering. The shift is occurring amid a rebound in Bitcoin’s (BTC) price following a downturn last year triggered by the collapse of several high-profile businesses and fraud scandals within the industry. Similar ventures by other European banks Cryptocurrency FTX plans to sell $100M of crypto per week; These ...
